Five9 falls on convertible debt deal plans

Five9

26/02/2024 21:53

** Five9 Inc's  FIVN.O  stock down 4.6% at $60.45 in
extended trading as call center software firm looks to refinance
near-term debt
    ** Co announces private offering of $600 mln convertible
bonds (CBs) due 2029
    ** It plans to use net offering proceeds to repurchase
portion of its outstanding 0.5% CBs due 2025, any remainder for
general purposes
    ** FIVN on Mon closed down 1% at $63.38 for current market
cap of ~$4.6 bln
    ** Shares on Thurs slid 13.4% to $61.52 after co's Q1 rev
forecast of $239-$240 mln missed consensus view of $245.9 mln,
per LSEG data
    ** In Dec, FIVN traded as high as $92.40 after report co was
exploring a sale, then fell after co said it would not sell
itself including rebuffing another attempt by Zoom Video
Communications  ZM.O , over two years after an approx $15 bln
buyout by the virtual meeting firm failed

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))